I think it's at least as plausible that this is part of the magic that makes it good. HN is sufficiently "on the margin" that they don't have to do things like placate advertisers with their moderation policies. The mods like dang, tomhow and pg mostly care about HN as users rather than owners.
> It would be a good thing for the world if HN was spun out as a non-profit and maintained long-term.
That sounds good in theory... in practice it might be the beginning of the end. Once there's a non-profit behind it the non-profit has a mission of its own. Although I'm actually not sure of the legal status of HN right now, maybe it's already something like that.